BCH price prediction
Bitcoin Cash ( BCH) is a hard fork of Bitcoin. It appeared in August 2017, the result of a decision of influential miners, developers, investors, and users who were opposed to the SegWit2x consensus. Now, it's a P2P decentralized payment system. The idea of BCH is "a coin for everyday transactions". Bitcoin Cash's organizers decided to change the block size to enable a greater number of transactions and improve the cryptocurrency's scalability. They, therefore, increased it from 1 MB to 8 MB. Having a much larger block size, BCH can process more transactions with high scalability. The advantage of Bitcoin is that BCH makes the transaction process faster and cheaper.
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Brief background of BCH.
In October 2017, the price hit the $317 mark per BCH. Then, there was a significant reversal that saw BCH rise to $1,600.
Following this, the market grew several times. Each cryptocurrency rose by around 400%. Some prices increased by up to 1,000%. Bitcoin Cash was at its highest level in the middle of December, with a value of $4,091 per coin. The dark days for the crypto market started on 22 December, when each project, including Bitcoin, Waves, and others, began to lose value. The price of Bitcoin Cash fell to $1,000 before seeing a big price jump to $1,500 at the beginning of May 2018, when the market went down again.
BCH technical analysis
For the first time since March 2022, BCH is showing relatively strong signs of recovery after setting a three-year low at $95.15. It moved over 72%, the highest recorded growth since July 2021. This is important to note because the support was created on a weekly timeframe, indicating that the $95.15 level is strong enough and BCH may be ready to test a significant resistance. The next reasonable area of resistance is just above the $200 mark at around $207.
Prediction about BCH in the Future/ coming years.
It's tough to make a price prediction for such a volatile market. Technical analysis isn't enough. Why? To understand this, take a look at human psychology and follow the latest news about all the top cryptocurrencies. First, prices depend on Bitcoin. As it gains strength, it rushes swiftly onto the market and stimulates growth. On the other hand, it also generates a decrease in all coins. Why does this happen? People think that Bitcoin determines the market's near future.
Next, most cryptocurrencies are interdependent upon each other, often with negative dynamics and relatively independent with positive ones. When the market falls, all currencies lose their value, but during a massive rise, each coin's price grows at its rate.
As it stands, the price prediction from TradingBeasts is a bit conservative for 2022, as they expect the price to max out at $185 before the end of the year. They predict that the highest price point for Bitcoin Cash in the next couple of years could be capped at a little over $197, which is likely to hit in 2024.
Probably the most positive BCH price prediction, DigitalCoinPrice has predicted a very successful decade for Bitcoin Cash. They believe that in 2023, Bitcoin Cash will trade above $200, and in 2025, prices will stabilize at around $286 for 1 BCH. By the end of 2027, 1 BCH will be valued at close to $400.
Closing Thoughts.
Therefore, we can't give a forecast for the highest Bitcoin Cash price because it has many variables affecting it. However, we do believe that it will rise to $5,000 in the next five years. What do you think about the price of BCH?
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This is very detailed. Now I know the background of BCH